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Binance pledges to cover $6.3bn hack losses after massive crypto theft

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The National
“Binance pledges to cover $6.3bn hack losses after massive crypto theft”

Binance has pledged to cover all customer losses from a security breach with an estimated impact of $6.3 billion, as the cryptocurrency exchange scrambles to contain the fallout from one of the industry's biggest hacks. “Binance will cover all losses from the SAFU [Secure Asset Fund for Users] fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete,” a Binance spokesperson said. Binance's SAFU, established in 2018 to…

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